“Coach Dave”, as he is known to his students, is a team member at Capital Rehab Group and an active real estate investor in the Northern Kentucky area. “Rehabbing houses is a win-win. You take an ugly house and turn it into a beautiful home for a family. You improve the neighborhood and make a profit while doing it. Not only that, you are providing employment opportunities for your team including your contractors and real estate agents,” explains Dave.
One of Coach Dave’s current real estate projects involves a fix and flip in the Northern Kentucky area. The property was a bank-owned house, which means it was a foreclosure that the bank took back through the foreclosure proceeding. It was a vacant property and an eyesore in the neighborhood. A full renovation of the house is now underway.
“The property was in rough shape, which allowed me to purchase it at a discount. Over the course of the next few months we’ll be doing a full rehab on the property. When we’re finished it’s going to make a beautiful home for a family,” explains Dave.
Not only will it make a great home, but it will turn a nice profit for Coach Dave. He expects to walk away with a $40,000 to $50,000 net profit after all expenses on the project.
Flipping houses is not the only thing that the Capital Rehab Group team is passionate about. Another focus of Capital Rehab Group is sharing their knowledge with other people who have decided to get into real estate investing and specifically flipping houses. The company continues to create educational materials that show what to do and what not to do when flipping a house.
“You might have seen a house flipping television show and thought to yourself: ‘That looks pretty easy, I could do that.’ Although flipping houses isn’t rocket science, there’s more to it than what you might see on TV,” says Dave.
Finding a discounted property to flip and getting funding for a project are two of the common obstacles that new investors struggle with. However, there are many sources of undervalued houses that make for profitable flips if you know where to look and how to run “comps”, or comparables properly. A few sources of discounted houses include bank-owned houses, HUD properties, real estate auctions, and off-market houses, which are houses that are not listed on the MLS.
“Although every market is different, the fundamentals to flipping a house are always the same. If you’re patient and know how to evaluate a potential deal, you can find great flip properties even in the hottest markets,” explains Dave.
So how does a new investor get funding to flip a house? It turns out that there are many ways to get money for a project without risking much of your own personal capital. There are hundreds of hard money lenders who finance fix and flip deals all over the U.S. Hard money lenders are private lenders, not banks, who provide short-term loans for the purchase of a property and the rehab costs.
Another option is to use a self-directed IRA, which is an IRS approved strategy that allows you to use funds in a 401(k) for a real estate project.
“There are many ways to fund a real estate investing project without using much of your own money or going to a bank for a loan. We always encourage our students to save money and it makes things easy if you have some capital to get started, but don’t let a lack of funding stop you from getting started. There are many creative ways to get funding that you simply might not be aware of.” says Dave.
Coach Dave believes that everybody should be involved in real estate in some way. “Not only is real estate exciting, it’s a sound financial strategy when done the right way. It’s a known fact that the wealthiest people have acquired or hold much of their wealth in real estate. We live in a country where real estate investing is open to anybody with knowledge and ambition,” explains Dave.
For more information and tips on flipping houses you can visit Capital Rehab Group’s website at www.CapitalRehabGroup.com
Company Name: Capital Rehab Group
Address:1717 Dixie Highway, Suite 406
City: Fort Wright
Country: United States